Indian rupee weakened against US dollar on Thursday on account of strengthening of American currency amid sustained foreign fund outflows. Further, fall in domestic equities also dragged down the domestic unit. Indian markets are likely to stay volatile as investors turned their focus to corporate earnings beginning next week. Though, falling crude oil prices capped rupee's losses. Data showed foreign funds pulled out Rs 621.06 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 226.18 crore Wednesday. On the global front, the yen soared versus its peers on Thursday, breaking through key technical support levels as heightened global growth risks pushed investors into safe haven-assets in moves exacerbated by thin holiday volumes.
The partially convertible currency is currently trading at 70.39, weaker by 21 paise from its previous close of 70.18 on Wednesday. The currency touched a high and low of 70.5300 and 70.3000 respectively. The reference rate for the dollar stood at 69.60 and for Euro stood at 79.96 on January 2, 2019. While the reference rate for the Yen stood at 63.75, the reference rate for the Great Britain Pound (GBP) stood at 88.82.
| Date | 1US$ | 1GBP |
| January 02, 2019 | 69.6089 | 88.8261 |
| January 01, 2019 | 69.7131 | 88.9748 |
(Reference Rate)
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